I often watch the 4-hour chart, and yesterday the SPY 4-hour chart ended the day with an Evening Star closing below the upper T-Line channel Band. The SPY looks to be opening lower today causing a high probability of price testing the Lower T-Line channel Band. A close below $278.50 will likely produce a Red V-Stop, first one in the past 18 days. Note we have not seen a Red V-stop on the daily in the past 41 days, that’s a lot of bullishness with no real rest. Yesterday’s 4-hour Evening Star was produced at the $280.00 resistance line with the 4wk New High/Low Ratio above 80. The VXXB chart closed with a solid piercing candle on the daily chart and a Morning Star signal on the 4-hour chart. Final comments: trend light in this market if the SPY fails the T-Line the $200SMA or $274.50 and $271.20 could be in the cards.
Hit and Run Candlesticks News
Yesterday we closed JNJ for 17% and GE for 80%. We also took on a few new trades CRON, SPY, and VXXB
Trade ideas for the watch list - (Long AG, ECA, AAOI,
Two new auto scans have been added to the LTA-Live Trading Alerts Scanner; the Bull -Fig Newton pattern and the Bear- Oreo Pattern. With over 100 built-in scans my favorite bullish scans are the Pop Out of The Box, The RBB, The 3x8 Trap, The Fig Newton. If you need set with the scanner set up or adding scans just let us know. Each day (Market hours) we provide Free Scanner coaching in our trading room #4. Warning the LTA- Live Trading Alert software is a game changer, alerts for candlesticks, candlesticks patterns, western patterns, price action, tends, bullish and bearish.
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